Tyre stocks trade weak after CCI imposes penalty; Ceat hits 52-week low

The CCI on Wednesday said Supreme Court dismissed a petition filed by tyre companies wherein they had challenged the regulator's order imposing penalties on them for anti-competitive practices

Shares of tyre companies slipped by up to 6 per cent on the BSE in Thursday's intra-day trade after the Competition Commission of India (CCI) alleged cartelisation and imposed penalty on select companies.

The CCI had passed a final order against five Tyre companies namely Apollo Tyres, MRF, CEAT, JK Tyre & Birla Tyres and the tyre association i.e. Automotive Tyre Manufacturers Association for indulging in cartelisation by acting in concert to increase the prices of cross ply/bias tyres variants sold by each of them in the replacement market and to limit and control production and supply in the